Kobe Bryant teaches on-and-off the court. Here are his top 3 money lessons.
We lost a legend and ambassador of the game of basketball, Kobe Bryant. But make no mistake about it, Kobe was much more than one of the greatest to ever play the game. He was an Oscar winner for his short film, “Dear Basketball,” he founded a venture capital firm, and most importantly, he was a father to 4 girls. Unfortunately, his daughter Gianna Bryant passed away as well in the helicopter crash.
His ‘Mamba Mentality’ was a mindset that helped him have great success in all his endeavors.
He has left a legacy of lessons for the basketball world, aspiring entrepreneurs, and young people striving for a better financial future. Here are the top three money lessons I’ve learned from the Mamba himself, Kobe Bryant.
“Help people, help themselves.”
Kobe Bryant was one of the top paid players in the NBA and accumulated an estimated net worth of $500 million. He is no stranger to hard work, and he has helped numerous people using his knowledge, skills, and money. In an interview with CNBC, Kobe Bryant was asked about his biggest money mistake. His response:
“Always making sure that the money that you have, you don’t give handouts to people that you’re close with. How do you use the money that you have to help them help themselves? That’s the biggest lesson I’ve learned, and that’s the biggest lesson I can give to the next generation of athletes that are coming out. You don’t give handouts; you simply help them, help themselves. The money you have, how do you put them in a position to learn better themselves and things of that nature.” -Kobe Bryant, interview on CNBC.
“To grow, you have to constantly learn.”
Kobe Bryant is a five-time NBA champion. He’s won numerous titles, yet he maintained his humility and was a student of the game. When the interviewer asked him on CNBC, how can you be so humble? Kobe’s response:
“We have to constantly learn, that’s why our mantra is ‘value growth’ because to grow, you have to constantly learn, you have to constantly move, you have to constantly improve. That’s the key; that’s what makes life fun, I think.” -Kobe Bryant, interview on CNBC.
“What is my passion? Not where I can generate the most revenue.”
We can all have a goal to get more money, but without passion behind our drive, our efforts are futile. In this CNBC interview, Kobe was asked to give financial advice to the next generation of athletes. His response:
“Once you retire, you don’t have that source of income that’s coming in. So even if you save over a 15-year career, if you’re spending habits remain the same eventually that well is going to run dry. Unfortunately, for us athletes, the retirement age is 32, 34, if you’re lucky, 37 like myself. What comes next? The questions need to be, ‘What’s comes next?’ ‘What can I do?’ What is my passion?’ Not where can I create the most value or generate the most revenue, but what is my next passion. When you find that next passion, everything else will make sense. But that’s the hardest part for us.” - Kobe Bryant interview on CNBC.
Share your thoughts on what Kobe Bryant has taught you financially or otherwise in the comments below.